Owl Creek Asset Management, L.P.

Q1 2026 is a clean break from that theme. The new core is SPDR S&P 500 (SPY, $472.6M, 34.2%, 726,700 shares, NEW) replacing QQQ as the portfolio's anchor. SPY provides broad S&P 500 exposure at lower concentration than QQQ's 47.4%. iShares Russell 2000 (IWM, $208.1M, 15.0%, 839,000 shares, -$145.5M, -41.6% shares) -- small-cap US stocks -- was reduced from Q4's $353.6M but remains the second-largest position. Together SPY plus IWM account for 49.2% of AUM as the portfolio's broad-market foundation. The only position that survived the reconstruction unchanged is Anterix ($206.7M, 14.9%, 5.41M shares, flat) -- a private-wireless-spectrum infrastructure name -- which was held at its Q4 weight, signaling that the manager considers Anterix the portfolio's highest-conviction thematic anchor.

The high-conviction single-stock sleeve is concentrated in transportation, energy infrastructure, and semiconductors. Ford Motor ($57.7M, 4.2%, 5.0M shares, NEW) -- Detroit automaker -- is the largest new single-stock opening and represents a bet on Ford's electric-vehicle transition and restructuring. Republic Airways Holdings ($75.7M, 5.5%, 4.23M shares, +2.9% shares, +$93K) -- regional airline (operates as American Eagle, United Express) -- was slightly increased. FTAI Aviation ($50.3M, 3.6%, 205,370 shares, -4.8% shares, -$2.5M from $52.8M) -- aviation-maintenance-and-parts -- was held with a small trim. PG&E ($48.9M, 3.5%, 2.78M shares, -47.8% shares, -$36.8M from $85.8M) -- California regulated utility -- was significantly reduced but maintained as a position. Microsoft ($46.7M, 3.4%, 126,200 shares, +88.3% shares, +$14.3M from $32.4M) -- software-and-cloud -- was the largest share increase in the single-stock sleeve. iShares ECH ($41.7M, 3.0%, 1.05M shares, NEW) -- iShares MSCI China Small-Cap ETF -- is a new China-exposure opening that replaces KWEB and ASHR (both sold) with a broader small-cap China vehicle. Skywest ($30.0M, 2.2%, 326,332 shares, +2.6% shares, +$2.0M from $31.9M) -- regional airline -- was held steady. Talen Energy ($20.4M, 1.5%, 64,043 shares, -33.0% shares, -$15.4M from $35.8M) -- power-generation-and-energy-infrastructure -- was significantly reduced. Applied Materials ($15.3M, 1.1%, 29,974 shares, +88.3% shares, +$7.4M from $12.3M) -- semiconductor manufacturing equipment -- was increased. Amazon ($13.8M, 1.0%, 66,077 shares, -58.8% shares, -$23.2M from $37.0M) -- e-commerce-and-cloud -- was significantly reduced from its Q4 weight.